Stockbridge acquired the asset in 2000 with McCarthy Cook and Co., a Los Angeles based real estate investment and development company. McCarthy Cook is not selling its stake in the asset and, as a result, will have Rreef as a partner instead of Stockbridge going forward.
Stockbridge's JV with McCarthy Cook also acquired the 1 million-sf Wilshire Courtyard office campus in Los Angeles and the 809,500-sf South Coast Metro Center office campus in Orange County. Rreef has acquired 100% of those two developments, also for an undisclosed price.
Adjacent to SBC Park and Mission Bay, China Basin is a 5-acre office campus located consisting of the six-story, 503,066-sf Wharfside building and the three-story, 228,528-sf Berry Street building. As of June 30, 2005, China Basin was 95% occupied.
In August, Stockbridge and McCarthy Cook secured entitlements to construct an additional 150,000 sf of life science space at the property. The plan is to complement Mission Bay, a 303-acre master planned 5 million-sf development surrounding the University of California San Francisco's ("UCSF") new 43-acre life science teaching and research campus.
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